House Minority Leader John Boehner has compiled a useful list of "fun facts" about the House Democrats' $825 billion "stimulus" bill.
For example:
- The House Democrats' bill will cost each and every household $6,700 additional debt, paid for by our children and grandchildren.
- The total cost of this one piece of legislation is almost as much as the annual discretionary budget for the entire federal government.
- President-elect Obama has said that his proposed stimulus legislation will create or save three million jobs; this means that this legislation will spend about $275,000 per job. The average household income in the United States is $50,000 a year.
- The House Democrats' bill provides enough spending -- $825 billion -- to give every man, woman, and child in America $2,700.
- $825 billion is enough to give every person living in poverty in the United States $22,000.
- $825 billion is enough to give every person in Ohio $72,000.
Although the House Democrats' proposal has been billed as a transportation and infrastructure investment package, in actuality only $30 billion of the bill -- or 3 percent - is for road and highway spending, says Boehner. A recent study from the Congressional Budget Office said that only 25 percent of infrastructure dollars can be spent in the first year, making the one year total less than $7 billion for infrastructure.
Almost one-third of the so called tax relief in the House Democrats' bill is spending in disguise, meaning that true tax relief makes up only 24 percent of the total package -- not the 40 percent that President-elect Obama had requested.
$825 billion is just the beginning -- many Capitol Hill Democrats want to spend even more taxpayer dollars on their "stimulus" plan, says Boehner.
Source: John Boehner, "Biggest Boondoggle in American History," Powerline.com, January 18, 2009.
For text:
http://www.powerlineblog.com/archives/2009/01/022586.php
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